Client Money Update - Client Money Application: Appeal Representative Respondents - 01/02/2010

This update concerns the appeal of the order of Mr Justice Briggs dated 15 December 2009 on the application issued by the Joint Administrators on 1 May 2009 seeking directions from the Court concerning LBIE's obligations in relation to the handling of client money received prior to the time of administration (the "Client Money Application"). Further background to the Client Money Application, the judgment and the appeal can be found in earlier updates posted on the PwC Client Money website here.

As noted in the Client Money Update of 26 January 2010, the Joint Administrators consider that it is appropriate for the general estate of LBIE and clients for whom client money was segregated by LBIE to be represented at the appeal by Hong Leong Bank Berhad and by GLG Investments plc: sub-fund GLG European Equity Fund, respectively.  As representative respondents to the appeal, the role of these parties will be to defend the judgment handed down by Mr Justice Briggs on 15 December 2009. Contact details for the solicitors for the representative respondents are set out below should any party have an interest in, or wish to support, a position likely to be advanced by either of the representative respondents.

In addition, as noted in the Client Money Update of 26 January 2010, CRC Credit Fund Limited ("CRC"), who acts in a representative capacity for unsegregated client money claimants, has filed an Appellant's Notice (as have three other parties).  If any party with an interest in a position that may be advanced by CRC in its appeal wishes to contact them and/or wishes to support CRC's appeal in any way, the contact details for CRC's solicitors are as follows:

Simmons & Simmons, City Point, One Ropemaker St, London EC2Y 9SS

Gerard.Heyes@simmons-simmons.com.

Please direct any questions you may have with respect to the above to clientpositionresponses@lbia-eu.com .